Pump.fun's PUMP Token Soars as Buybacks Exceed $466 Million

Pump.fun's PUMP token surged 17-20% in 24 hours, pushing its weekly gain to 38%. This rally is tied to the platform's buyback program, which has removed close to 17% of the total token supply from circulation. Over $466 million has been spent on buying back and burning PUMP tokens.

The SEC issued guidance on September 25 about buyback announcements and token classification. However, this development does not seem to have affected Pump.fun's operations or token price. The platform earned $15.16 million in weekly revenue, surpassing Hyperliquid's $15.06 million and placing it third among tracked crypto apps.

Analyst Austin Barack noted the scale of Pump.fun's spending, pointing out a $1.5 million buyback day tied to $3 million in daily revenue. He also predicted that surpassing last cycle's revenue peaks could bring $10 million-plus revenue days.